Investors shy away from curve steepeners

Global investors are looking for cheap ways to exploit the broadly expected widening in credit spreads this year. One way to meet this objective is to use constant maturity credit default swaps (CMCDS), which are designed to express views that the credit curve is likely to steepen in the future.

With CMCDS structures, investors can profit from credit spread movements or mitigate spread widening, depending on their investment rationale. They can also reduce mark-to-market volatility on a single

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